2025年三季度，溯联股份营业收入为10.02亿元，在行业103家公司中排名62。与行业第一名潍柴动力的 1705.71亿元、第二名拓普集团的209.28亿元相比差距较大，低于行业平均数38.2亿元和中位数13.81亿元。 当期净利润为1.01亿元，行业排名47，第一名潍柴动力净利润达108.52亿元，第二名拓普集团为19.69亿 元，公司净利润低于行业平均数2.75亿元，但高于行业中位数9221.41万元。 资产负债率低于同业平均，毛利率高于同业平均 溯联股份成立于1999年4月20日，于2023年6月28日在深圳证券交易所上市，注册地址和办公地址均位于重 庆市。公司是国内汽车流体管路及塑料零部件领域的领先企业，专注于汽车相关产品研发制造，具备较强 的技术实力和客户资源优势。 公司主营业务为汽车用流体管路及汽车塑料零部件的设计、研发、生产及销售，所属申万行业为汽车-汽车 零部件-底盘与发动机系统，涉及汽车轻量化、长安汽车概念、理想汽车概念等多个概念板块。 经营业绩：营收行业62，净利润行业47 2025年三季度，溯联股份资产负债率为25.16%，去年同期为21.57%，低于行业平均的39.06%，偿债能力方 ...

Group 1: Global Technology Competition - The report outlines three potential scenarios for global technology competition over the next decade: baseline scenario (strategic equilibrium between China and the US), optimistic scenario (China becomes an innovation leader), and pessimistic scenario (China's industrial upgrade falls short) [6][7] - Key technologies are defined as frontier technologies (AI, semiconductors, quantum computing, biopharmaceuticals), advanced manufacturing, and critical infrastructure technologies (energy and advanced networks) [6][7] - The US focuses on invention and innovation, while China aims for large-scale innovation in key industries, with both countries undergoing reforms in their innovation systems [6][7] Group 2: Softcom Power (301236.SZ) - For the first three quarters of 2025, Softcom Power reported revenue of 25.38 billion yuan, a year-on-year increase of 14.30%, and a net profit of 0.99 billion yuan, up 30.21% [15][17] - The company is guided by four strategic directions: intelligence, autonomy, greening, and internationalization, with a focus on enhancing software and digital technology services [16][17] - Future revenue projections for Softcom Power are 35.9 billion yuan, 41.3 billion yuan, and 47.7 billion yuan for 2025-2027, with net profits expected to be 0.384 billion yuan, 0.526 billion yuan, and 0.855 billion yuan respectively [17] Group 3: Dingjie Smart (300378.SZ) - Dingjie Smart's revenue for the first three quarters of 2025 reached 1.614 billion yuan, a 2.6% increase year-on-year, with a net profit of 0.051 billion yuan, up 2.4% [19][21] - The company is experiencing short-term pressure in mainland China but is seeing stable performance in non-mainland markets, driven by deepening applications and market expansion [19][20] - Revenue projections for Dingjie Smart are 2.502 billion yuan, 2.726 billion yuan, and 2.989 billion yuan for 2025-2027, with net profits expected to be 0.191 billion yuan, 0.233 billion yuan, and 0.301 billion yuan respectively [21] Group 4: Hai Tian Wei Ye (603288.SH) - Hai Tian Wei Ye reported a revenue increase of 6.02% to 21.628 billion yuan for the first three quarters of 2025, with a net profit of 5.322 billion yuan, up 10.54% [22][24] - The company experienced a slowdown in revenue growth in Q3, with a 2.48% increase to 6.398 billion yuan, while net profit rose by 3.40% to 1.408 billion yuan [23][24] - The company is focusing on creating new growth points and enhancing efficiency through digital production [24] Group 5: Guizhou Moutai (600519.SH) - Guizhou Moutai's revenue for the first three quarters of 2025 was 130.904 billion yuan, a 6.32% increase, with a net profit of 64.627 billion yuan, up 6.25% [26][28] - The company reported stable sales performance for its flagship Moutai liquor, while other series faced pressure [27][28] - Future earnings per share (EPS) projections for Guizhou Moutai are 72.87 yuan, 77.31 yuan, and 82.70 yuan for 2025-2027, maintaining a "buy" rating [28] Group 6: Xian Cai Co., Ltd. (600095.SH) - Xian Cai Co., Ltd. reported a significant increase in net profit of 203.39% for the first three quarters of 2025, reaching 0.442 billion yuan [46][47] - The company's revenue for Q3 was 0.655 billion yuan, a 43.77% increase year-on-year, driven by a surge in commission income [47][48] - The company is expected to achieve a net profit of 0.608 billion yuan for 2025, reflecting a 456.6% increase [48]

融券方面，溯联股份10月30日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年80%分位水平，处于高位。 分红方面，溯联股份A股上市后累计派现1.95亿元。 资料显示，重庆溯联塑胶股份有限公司位于重庆市江北区海尔路899号，成立日期1999年4月20日，上市 日期2023年6月28日，公司主营业务涉及汽车用流体管路及汽车塑料零部件的设计、研发、生产及销 售。主营业务收入构成为：汽车流体管路及总成85.99%，汽车流体控制件及精密注塑件12.36%，其他 业务1.66%。 责任编辑：小浪快报 10月30日，溯联股份跌3.39%，成交额1.36亿元。两融数据显示，当日溯联股份获融资买入额1248.97万 元，融资偿还3027.84万元，融资净买入-1778.87万元。截至10月30日，溯联股份融资融券余额合计3.26 亿元。 截至10月10日，溯联股份股东户数1.21万，较上期增加9.19%；人均流通股5848股，较上期减少8.42%。 2025年1月-9月，溯联股份实现营业收入10.02亿元，同比增长19.44%；归母净利润1.0 ...

新能源汽车产能建设提速，支撑营收稳步增长。2025 年前三季度，公司实现营业收入10.02 亿元，同比 增长19.44%，主要受益于新能源汽车销售的增长以及客户车型技术快速迭代，热管理等系统性能不断 提升带来的单位产品需求增加。但利润端受营业成本快速增长影响，短期承压。 事件：公司发布2025 年三季度报告，该公司前三季度实现营业收入10.02亿元，同比增长19.44%；归母 净利润1.01 亿元，同比下降6.67%；扣非后归母净利润0.90 亿元，同比下降11.43%。其中，2025Q3 实 现营业收入3.33亿元，同比增长7.72%，归母净利润0.34 亿元，同比下降10.88%。 新能源业务持续发力，市场拓展成效显著。公司新项目有序推进，客户结构持续优化，客户涵盖了国内 外多家知名整车制造企业及汽车零部件制造企业。公司在"其他重要事项"中提及多个新能源汽车流体管 路系统项目进展，显示公司正在发展此方向。同时，江苏、芜湖、重庆等地新项目有序推进，表明公司 正积极拓展订单。 研发投入持续加大，夯实核心竞争优势。2025 年前三季度，公司研发费用达5.73 亿元，同比增长 27.8%，占营收比重为5.7%。主 ...

公司点评 | 溯联股份 新能源业务持续发力，市场拓展成效显著。公司新项目有序推进，客户结构 持续优化，客户涵盖了国内外多家知名整车制造企业及汽车零部件制造企 业。公司在"其他重要事项"中提及多个新能源汽车流体管路系统项目进展， 显示公司正在发展此方向。同时，江苏、芜湖、重庆等地新项目有序推进， 表明公司正积极拓展订单。 研发投入持续加大，夯实核心竞争优势。2025 年前三季度，公司研发费用 达 5.73 亿元，同比增长 27.8%，占营收比重为 5.7%。主要原因是持续加强 新材料和新产品的研发，增加了相应技术人员。公司紧跟新能源智能汽车技 术发展趋势，利用自身在轻量化材料应用和生产工艺等方面的优势，积极开 发新产品和一系列独立销售的产品，实现了客户价值的提升。 盈利预测及投资评级：在新能源汽车渗透率持续提升与液冷客户拓展下，公 司收入有望保持较高增速。我们预计公司 2025-2027 年实现营业收入分别 为 15.26/19.26/23.83 亿元，预计公司 2025-2027 年实现归母净利润分别 为 1.57/1.99/2.49 亿元。维持"增持"评级。 风险提示：依赖汽车行业的风险、市场竞争风险、国际 ...

Group 1: Technology Developments - Meituan launched the LongCat-Video model, capable of generating 5-minute videos with 13.6 billion parameters, aiming to enhance AI's understanding of the world through video generation tasks [2] - Qualcomm introduced new AI chips, AI200 and AI250, designed for data center AI inference, offering optimized performance and lower total cost of ownership [11] - Changjiang Storage announced the mass production of DDR5 fourth-generation RCD chips, achieving data transfer rates of up to 7200MT/s, a 12.5% improvement over the previous generation [12] Group 2: Business Initiatives - JD.com initiated the "National Good Car" delivery center recruitment plan, aiming to create a nationwide sales and service network by integrating various automotive service providers [3] - Meituan announced nationwide social security subsidies for delivery riders, allowing them to choose their insurance payment locations starting in November [4] - Yingyi Intelligent Manufacturing secured over 100 assembly orders from leading clients, enhancing its collaboration in hardware manufacturing and AI model development [7] Group 3: Financial Activities - Junsheng Electronics plans to issue approximately 155 million shares in Hong Kong, with a maximum price of HKD 23.60 per share, to fund R&D and global expansion [13] - Eagle Semiconductor completed a B+ round financing of over 700 million yuan, setting a record for VCSEL startups in China [15] - Guoyi Quantum raised 131 million yuan in strategic financing to enhance R&D and market expansion efforts [19] Group 4: Market Expansion - Didi launched 500 electric vehicles in Mexico, marking its first standardized ride-hailing service in Latin America [5] - Hengtong Optic-Electric won contracts for marine energy projects totaling 1.868 billion yuan, including a 1 million kW offshore wind project [8] - Zhenyu Technology plans to invest 2.11 billion yuan in precision components and humanoid robot modules, aiming to enhance its production capabilities [10]

Market Performance - Major US stock indices reached historical highs, with the Dow Jones up 337.47 points (0.71%) closing at 47,544.59, Nasdaq up 1.86% at 23,637.46, and S&P 500 up 1.23% at 6,875.16, marking its first close above 6,800 points [1] - The Philadelphia Semiconductor Index hit a record high, driven by trade negotiation news, with Nvidia rising 2.8%, Intel up 3.3%, and Qualcomm surging over 11% after launching two AI chips for data centers expected to be commercially available next year [1] - Chinese tech stocks also performed well, with the Nasdaq Golden Dragon China Index up 1.6%, Baidu rising 4.8%, JD up 3.0%, Pinduoduo up 2.8%, Alibaba up 2.7%, while NetEase fell 0.4% [1] Commodity Prices - International oil prices slightly declined, with WTI crude oil down 0.31% at $61.31 per barrel and Brent crude oil down 0.49% at $65.62 per barrel [1] - Gold prices fell significantly, with COMEX gold futures for October delivery dropping 2.83% to $4,001.90 per ounce, marking the first time spot gold fell below the $4,000 mark since the beginning of the month [2] Regulatory Developments - The People's Bank of China announced the resumption of open market government bond trading and a supportive monetary policy stance, while also planning to optimize the positioning of the digital RMB [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Growth Enterprise Market and has launched an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, enhancing access and operational efficiency for foreign investors [4][5] Corporate Earnings - Notable corporate earnings include: - Xinyi Technology reported a net profit of 4.01 billion yuan for Q3, up 1,143.72% year-on-year - Shenxin Technology reported a net profit of 1.47 billion yuan for Q3, up 1,097.40% year-on-year - Shenghong Technology reported a net profit of 11.02 billion yuan for Q3, up 260.52% year-on-year - Other companies like Henglian Petrochemical and Northern Rare Earth also reported significant year-on-year profit increases [5]

Core Viewpoint - The company plans to invest 201 million RMB in the construction of an intelligent computing liquid cooling R&D center and battery thermal management system production base in Chongqing's Jiangbei District [1] Investment Details - The investment will be funded through the company's own capital and self-raised funds [1] - The total investment amount is 201 million RMB [1] Market and Product Development - The company has made breakthroughs and deliveries with key clients in both intelligent computing liquid cooling and battery system thermal management [1] - Upon completion, the project will significantly enhance the company's production capacity for intelligent computing liquid cooling and battery system components [1] - The company has developed and validated core products that meet the flexible deployment and operational needs of data centers and battery systems [1] Future Capabilities - The new facility will provide customized liquid cooling solutions for high-heat chips such as AI computing servers, GPUs, and CPUs [1] - The project will enable rapid iteration and large-scale delivery capabilities [1]

据悉，在市场方面，公司在智能算力液冷与电池系统热管理均有重点客户的突破和交付。该项目建成 后，将显著提升公司智能算力液冷与电池系统部件的产能，为AI算力服务器、GPU、CPU等高发热芯片 提供定制化液冷解决方案，并具备快速迭代与规模交付能力;产品方面，公司已完成相关核心产品的开 发和验证，满足数据中心及电池系统灵活部署与运维需求。 智通财经APP讯，溯联股份(301397.SZ)公告，公司拟与重庆市江北区人民政府签署《投资协议》，以自 有资金及自筹资金在重庆市江北区投资人民币2.01亿元，建设智能算力液冷研发中心及电池热管理系统 研发生产基地。 ...

智通财经APP讯，溯联股份(301397.SZ)发布2025年三季度报告，该公司前三季度营业收入为10.02亿 元，同比增长19.44%。归属于上市公司股东的净利润为1.01亿元，同比减少6.67%。归属于上市公司股 东的扣除非经常性损益的净利润为8972.06万元，同比减少11.43%。基本每股收益为0.77元。 ...